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Mediclaim Policy Premium Calculator

How to Calculate Mediclaim Premium?

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7.5% Discount
10% Discount

Your premium is Rs.

Above Premium includes 18% GST

I

94%

Claim Settlement Ratio (OND 2018)

II

8100 +

Network Hospitals across 500 cities

III

400 Lacs+

Lives covered

Mediclaim Policy Premium Calculator is a useful tool to know your premium amount in just a few mouse clicks. Mediclaim premium is the amount of money you pay periodically towards your individual or group mediclaim policy. In other words, it is the amount your insurer charges you for providing cover for your health risks which result in medical expenses.

Payment of premiums can be done on monthly, quarterly, biannually, annually or as single-premium. The amount is calculated on the basis of several factors like age of the insured person, health conditions, type of coverage, amount of coverage, etc. Premiums are one of the crucial points to consider when you are comparing and buying Mediclaim policies.

What is Mediclaim Policy Premium Calculator?

Mediclaim premium calculator is a tool designed to accurately calculate the premium amount for the Mediclaim policy to be payable by the insured person.

Besides the premium amount, Mediclaim buyers may have to make other kinds of payments in the form of deductibles and copayments. The Mediclaim policy premium calculator greatly helps policyholders to effectively plan their finances and opt for an affordable insurance policy for you and your loved ones.

How to Use Mediclaim Premium Calculator?

Follow these simple steps to use a mediclaim policy premium calculator and know how much premium you must pay for your Mediclaim policy:

Step 1: Visit the Mediclaim policy premium calculator page

Step 2: Provide personal details, as required, such as date of birth of the senior-most family member and others. You are also required to specify the exact number of family members.

Step 3: Specify the coverage amount from your Mediclaim policy

Step 4: Feed the correct option for your policy tenure by considering factors such as marital status, retirement, income, etc.

Step 5: Click on the Calculate Mediclaim Premium button.

Depending on the information given by you, the approximate premium payable will be reflected on your screens. However, the total amount to be paid by you will also include health insurance GST charges at a rate of 18%.

Advantages of Mediclaim Premium Calculator

Amediclaim premium calculator offers you the following advantages:

  • The Mediclaim policy premium calculator gives you a clear estimate on the premium you must pay for your Mediclaim policy.
  • It helps you in comparing various policies and lets you choose an affordable policy based on your insurance needs.
  • Allows you to plan your budget in a better way as you get an exact estimate of the premium.
  • The Mediclaim premium calculator reduces manual efforts and simplifies the process of buying the mediclaim policy.

Factors Impacting Mediclaim Premium

Prices of medical insurance policies are calculated using advanced algorithms. An insurer considers several factors while deciding the premium amount that must be paid by the buyers. Some of them include:

  • Age: Premiums tend to go higher with age when the possibility for a person seeking medical care increases. For younger people, the premiums are often affordably priced.
  • Type of coverage: There are two types of Mediclaim policy, one that covers an individual only and another that covers a group of people/family members. The mediclaim premium will vary based on the type of coverage you have chosen. The number of members in the family who have been included in the policy is a key factor that affects premium prices.
  • The amount of coverage: The premium amount is likely to be higher if the coverage amount is high.
  • Health conditions: Medical conditions like pre-existing diseases, such as diabetes and hypertension, at the time of buying the policy impact the premium prices.
  • Lifestyle: Habits like tobacco consumptions/smoking/drinking are usually considered. For instance, the premium is likely to be higher if a person has a history of tobacco use. Moreover, the premium for those working in a risky environment could be higher.
  • Underwriting: An insurance company applies complex risk assessment methods by taking information on medical history, family history, claims history and other details provided by the insured person. The eligibility criteria and the conditions when the coverage will be denied are all decided by the insurer.

>> Check: Mediclaim policy for family

In addition, a host of various factors are also taken into account before an insurer decides the premium payable by the policyholder. For instance, first-time buyers are likely to pay higher premiums. Similarly, individual buyers will pay higher premiums compared to married couples as they are expected to stay healthy and live longer. Furthermore, premium costs are likely to go up whenever you opt for renewal of your Mediclaim policy.

How to Choose Affordable Mediclaim Premium?

Choosing a low coverage amount is one way of lowering your premium. However, it may not be beneficial. There are other effective ways to get lower premiums. For instance, by selecting a longer policy tenure, you can look forward to premium discounts.

We provide health insurance plans with a discount of 10% for a policy tenure of 3 years and a discount of 7.5% for policy tenure of 2 years. Each policy is customized to suit your healthcare requirements and offers a specific coverage amount. Pick a policy that provides the best cover for you and your family. The premium for your policy can be calculated precisely using the mediclaim policy premium calculator. A premium calculator is a reliable tool as far as getting an accurate estimate for the amount payable by you for availing the benefits under your Mediclaim plan.

The digital method of calculating the mediclaim policy premium is error-free and highly convenient, benefitting both the insurer and the insured. The Mediclaim premium is not a predefined amount. The calculation of premium involves a complex set of tasks. Although affordable premiums are one of the vital factors to consider when selecting a mediclaim policy but the right decision should be taken keeping in view one’s specific insurance needs.

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